Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Cirrus Logic has reported strong financial performance for the second quarter of fiscal year 2025.</li><li>The company achieved record revenue and earnings per share, with revenue reaching $541.9 million.</li><li>This figure was near the upper end of their guidance range and reflects strong demand for components used in smartphones.</li></ul>

Cirrus Logic has reported strong financial performance for the second quarter of fiscal year 2025.The company achieved record revenue and earnings per share, with revenue reaching $541.9 million.This figure was near the upper end of their guidance range and reflects strong demand for components used in smartphones.

Cirrus Logic Inc.: Will Its Expansion into Laptop Markets Bring A Shift In The Competitive Dynamics?  - Major Drivers

<ul><li>Cirrus Logic reported a solid financial performance in the first quarter of fiscal year 2025, achieving above guidance revenue at $374 million, driven by stronger-than-expected smartphone shipments.</li><li>This 18% year over-year growth highlights the company's expanding presence and effectiveness within the high performance mixed-signal (HPMS) sectors.</li><li>Gross margins also saw a slight improvement year-over-year, even though they underwent a 130-basis-point decrease sequentially due to increased supply chain costs pertaining to new product ramps.</li></ul>

Cirrus Logic reported a solid financial performance in the first quarter of fiscal year 2025, achieving above guidance revenue at $374 million, driven by stronger-than-expected smartphone shipments.This 18% year over-year growth highlights the company's expanding presence and effectiveness within the high performance mixed-signal (HPMS) sectors.Gross margins also saw a slight improvement year-over-year, even though they underwent a 130-basis-point decrease sequentially due to increased supply chain costs pertaining to new product ramps.

Cirrus Logic Inc.: Expansion into the PC Market & Development of High-performance Mixed-Signal Products Driving Our Optimism! - Major Drivers

<ul><li>Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight both challenges and growth opportunities.</li><li>The company reported a fourth-quarter revenue of $378.1 million, surpassing the upper edge of the guidance range.</li><li>This surge was attributed to an unexpected rise in demand for smartphone components.</li></ul>

Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight both challenges and growth opportunities.The company reported a fourth-quarter revenue of $378.1 million, surpassing the upper edge of the guidance range.This surge was attributed to an unexpected rise in demand for smartphone components.

Cirrus Logic Inc.: Market Expansion Into Laptops & PCs & Major Drivers

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<ul>
<li>During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.</li>
<li>A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. </li>
<li>China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.</li>
</ul>


During MOI correction period, global semi equipment and manufacturing vendors might under-perform semi product companies on sales/earnings and share price performance in next 6 months given utilization remains below 80%.
A healthy MOI correction in PC/smartphone semi might result in global logic MOI to fall to 3.7-3.8 months in 3Q23, down 15% q/q and 8% y/y, heading to historical low. 
China fabless reduced MOI to 6.4 months in 3Q23, down 16% q/q and 26% y/y. Although 2x over 3.5 months low, we expect 4-5 months in future due to restrictions.


More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

<ul><li>Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings per share of $2.89.</li><li>The noteworthy results were driven by its strategy of leading smartphone audio and their push for improved mixed-signal solutions.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings per share of $2.89.The noteworthy results were driven by its strategy of leading smartphone audio and their push for improved mixed-signal solutions.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Cirrus Logic Inc: Progressing Power Management and Conversion Technology! - Major Drivers

United States

Cirrus Logic, Inc. is a fabless semiconductor company that develops audio and voice IC and software solutions for mobile communications, automotive entertainment, and consumer audio applications. Cirrus Logic is headquartered in Austin, Texas.

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Cirrus Logic (CRUS US)

Cirrus Logic Inc.: Will Its Expansion into Laptop Markets Bring A Shift In The Competitive Dynamics? - Major Drivers

Cirrus Logic has reported strong financial performance for the second quarter of fiscal year 2025. The company achieved record revenue and...

Baptista Research

Cirrus Logic Inc.: Expansion into the PC Market & Development of High-performance Mixed-Signal Products Driving Our Optimism! - Major Drivers

Cirrus Logic reported a solid financial performance in the first quarter of fiscal year 2025, achieving above guidance revenue at $374 million,...

Baptista Research

Cirrus Logic Inc.: Market Expansion Into Laptops & PCs & Major Drivers

Cirrus Logic has presented its financial results for the fourth quarter and the entire fiscal year 2024, revealing mixed outcomes that highlight...

Baptista Research

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction

More Signs of Fab Utilization Recovery Starting Mid-2024 Post Current MOI Correction. During the period, global semi equipment and manufacturing...

Andrew Lu

Cirrus Logic Inc: Progressing Power Management and Conversion Technology! - Major Drivers

Cirrus Logic's financial results for the third quarter of the fiscal year 2024 came in with record revenue of $619 million and non-GAAP earnings...

Baptista Research

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